1 May 2020
Legal & General announces new measures to support advisers and customers
Legal & General is today announcing a number of measures across its Retirement Income division to support advisers and customers during the coronavirus pandemic.
Extending annuity quote guarantee period
The retirement division is temporarily extending its quote guarantee period for advisers to secure an annuity rate, from 35 days to 45 days, in a bid to ease time pressures in light of normal business practices being disrupted. The extended guarantee period comes into effect immediately and applies to its Lifetime Annuity, Fixed Term Retirement Plan, Cash Out Retirement Plan & Lifetime Care Plan.
Phone lines for new business are open
Legal & General has confirmed phone lines for new business calls are now open. Advisers can get new business quotes via the portals and use Track My Apps to check progress on existing applications.
A signature-free application process
Due to the current logisitcal challenge of signing documents, Legal & General is temporarily accepting digital sign-off as an alternative to wet-ink signatures. Advisers can access the new editable application forms on the adviser centre.
‘In conversation with’ webinar series
Legal & General is running a regular ‘In conversation with…’ live stream series, bringing experts together to share persepctives on topical issues and current events. Advisers can view the series on demand, here.
We are all working in a challenging environment right now, and as an industry we need to think differently around how we can support advisers and their clients, many of whom are older and some vulnerable.
We want to give our advisers and our customers reassurance in these uncertain times. We have therefore adopted a number of new practices to ensure that social distancing doesn’t prevent customers and their advisers from securing the guaranteed income that they need. By extending the annuity rate guarantee period to 45 days, we believe that more customers will be able to secure their annuity income.
Notes to editors:
About Legal & General
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With over £1.1 trillion in total assets under management at 30 June 2019, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pensions de-risking, life insurance, workplace pensions and retirement income. We have also invested over £22 billion in direct investments such as homes, urban regeneration, clean energy and small business finance.
Legal & General Assurance Society Limited.
Registered in England and Wales No. 00166055.
Registered office: One Coleman Street, London EC2R 5AA.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
About Legal & General Retail Retirement
Legal & General Retail Retirement (LGRR)’s mission is to help its customers lead longer, healthier, happier lives. We believe everyone should be able to have a ‘more colourful retirement’.
The Division comprises the Group’s individual annuity, lifetime mortgage and care solutions businesses.
In H1 2019, LGRR wrote £497 million of annuity premiums and issued £489 million of lifetime mortgages.
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Head of PR & Thought Leadership
Legal & General Retail Retirement
Retirement income, including annuities
Lifetime mortgages/equity release
Retirement financial advice